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UAE rolls over $2bn mortgage, confirms Ishaq Dar

by Pakistan Latest News Update

The Abu Dhabi Fund for Growth (ADFD) has rolled over their deposit of $2 billion with the State Financial institution of Pakistan (SBP), the nation’s prime financial supervisor introduced late Wednesday, a transfer that might create some much-needed room within the nation’s cramped fiscal house.

“Abu Dhabi Fund for Development (ADFD) has rolled over their deposit of $2 billion with State Bank of Pakistan, as discussed by prime minister Shehbaz Sharif with His Highness the President of UAE during last week’s official visit to UAE! Long live Pak-UAE friendship!,” Finance Minister Ishaq Dar introduced in a tweet.

Abu Dhabi Fund for Growth (ADFD) has rolled over their deposit of $2billion with State Financial institution of Pakistan, as mentioned by #PM @CMShehbaz with His Highness the President of UAE throughout final week’s official go to to ??!Lengthy stay Pak-UAE friendship!
— Ishaq Dar (@MIshaqDar50) January 18, 2023
The UAE, on January 12, agreed to lend $1 billion to Pakistan and roll over an present $2 billion mortgage, the nation’s info minister had mentioned, because the nation’s central financial institution overseas reserves fell to simply three weeks’ value of imports.
The UAE’s monetary assist provided some respite to the nation that’s nonetheless reeling from devastating nationwide floods which have triggered greater than $30 billion of injury.
The mortgage bulletins got here as Pakistan’s prime minister, Shehbaz Sharif, kicked off a two-day go to to the United Arab Emirates. “This support will help us tide over economic difficulties,” Sharif mentioned in a press release.
He met UAE President Sheikh Mohammed bin Zayed al-Nahyan and was attributable to talk about enterprise and financial alternatives with different officers and enterprise leaders, Info Minister Marriyum Aurangzeb mentioned.
The International Monetary Fund’s ninth evaluate to clear the discharge of an extra $1.1 billion tranche of funds to Pakistan has been pending since September, so exterior financing is essential for the nation’s damaged financial system.
Overseas trade reserves held by SBP fell to a essential degree of $4.three billion, the financial institution mentioned, barely sufficient for 3 weeks of imports.
Web overseas trade reserves held by industrial banks stood at $5.eight billion, and whole liquid reserves at $10.1 billion, the financial institution added.

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